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Corporate Presentation August 2013 Click to Edit Master Title Style Corporate Presentation August 2013 Click to edit Master title style 2 ClickAbout to Forward edit Master Looking title style Statements The data contained in this presentation that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. Such statements may relate to, among other things, forecasted capital expenditures, drilling activity, completion of acquisitions or reserves or future production attributable to them, development activities, timing of carbon dioxide (CO2) injections and initial production response in tertiary flooding projects, estimated costs, production rates and volumes or forecasts thereof, hydrocarbon reserve quantities and values, CO2 reserves, helium reserves, potential reserves from tertiary operations, future hydrocarbon prices or assumptions, liquidity, cash flows, availability of capital, borrowing capacity, finding costs, rates of return, overall economics, net asset values, estimates of potential or recoverable reserves and anticipated production growth rates in our CO2 models, or estimated production in 2013 and future production and expenditure estimates, and availability and cost of equipment and services. These forward-looking statements are generally accompanied by words such as “estimated”, “preliminary”, “projected”, “potential”, “anticipated”, “forecasted” or other words that convey the uncertainty of future events or outcomes. These statements are based on management’s current plans and assumptions and are subject to a number of risks and uncertainties as further outlined in our most recent Form 10-K and Form 10-Q filed with the SEC. Therefore, the actual results may differ materially from the expectations, estimates or assumptions expressed in or implied by any forward-looking statement made by or on behalf of the Company. Cautionary Note to U.S. Investors – Current SEC rules regarding oil and gas reserve information allow oil and gas companies to disclose in filings with the SEC not only proved reserves, but also probable and possible reserves that meet the SEC’s definitions of such terms. We disclose only proved reserves in our filings with the SEC. Denbury’s proved reserves as of December 31, 2012 were estimated by DeGolyer & MacNaughton, an independent petroleum engineering firm. In this presentation, we make reference to probable and possible reserves, some of which have been prepared by our independent engineers and some of which have been prepared by Denbury’s internal staff of engineers. In this presentation, we also refer to estimates of original oil in place, resource “potential” or other descriptions of volumes potentially recoverable, which in addition to reserves generally classifiable as probable and possible (2P and 3P reserves), include estimates of reserves that do not rise to the standards for possible reserves, and which SEC guidelines strictly prohibit us from including in filings with the SEC. These estimates, as well as the estimates of probable and possible reserves, are by their nature more speculative than estimates of proved reserves and are subject to greater uncertainties, and accordingly the likelihood of recovering those reserves is subject to substantially greater risk. 3 ClickA Different to edit Kind Master of Oil title Company style Proven • CO2 EOR is one of the most efficient tertiary oil recovery methods Process • 29% compound annual growth rate (CAGR) in our EOR production since 1999 • We have produced ~100 million barrels (gross) of oil from CO2 EOR to date Unique • We acquire mature oil fields and recover oil using CO2 Strategy • Competitive advantage: strategic CO2 supply, over 1,100 miles of CO2 pipelines and a large inventory of mature oil fields Repeatable • We anticipate a decade of low teens annual EOR production growth Growth • Over 1 billion barrels of potential oil reserves • We store CO2 captured from industrial facilities, resulting in net carbon reduction • By developing existing oil fields, we are disturbing fewer new habitats Value • Highest operating margins and capital efficiency in peer group Creation • Within the next 5 years, we anticipate a growing wedge of free cash flow 4 ClickDenbury to edit at aMaster Glance title style Total 3P Reserves (12/31/12) ~1.1 BBOE % Oil Production (2Q13) 94% Total Daily Production – BOE/d (2Q13) 74,052 Proved PV-10 (12/31/12) $94.71 NYMEX Oil Price $9.9 billion Market Cap (6/30/13) $6.4 billion Total Net Debt (6/30/13)(1) $3.1 billion CO2 Supply 3P Reserves (12/31/12) ~17 Tcf CO2 Pipelines Operated or Controlled ~1,100 miles Credit Facility Availability (6/30/13) ~$1.3 billion (1) Defined as long term debt and capital lease obligations, less current obligations, less cash and cash equivalents. As of 6/30/13, we had ~$260 million of borrowings outstanding under our $1.6 billion bank credit facility and our cash and cash equivalents totaled ~$76 million. 5 ClickWhat tois COedit2 EOR Master & How title Much style Oil Does It Recover? Secure CO2 Supply Transport via Pipeline Inject into Oilfield CO2 EOR Delivers Almost as Much Production as Primary and Secondary Recovery(1) Tertiary Recovery Remaining (CO2 EOR) Oil ~17% Secondary Recovery (waterfloods) Primary ~18% Recovery (1) Recovery of Original Oil in Place based on history at Little Creek Field. ~20% 6 Our Two CO EOR Target Areas: Click to edit2 Master title style Up to 10 Billion Barrels Recoverable with CO2 EOR Denbury Rocky Mountain Region (2) 331 Million 3P CO2 EOR Barrels Estimated 1.3 to 3.2 Billion Barrels MT ND Recoverable in Rocky Mountain Region(1) Greencore ID Pipeline SD Lost Cabin WY Existing Denbury CO Pipelines 2 Denbury Gulf Coast Region Denbury owned Fields With CO2 EOR Potential (2) 587 Million 3P CO2 EOR Barrels Existing or Proposed CO2 Source Owned or Contracted MS Other CO Sources Delta Pipeline Jackson 2 Dome Sonat MS Free State Pipeline Pipeline LA TX Green Pipeline (1) Source: DOE 2005 and 2006 reports. (2) 3P tertiary oil reserve estimates based on year-end 12/31/12 SEC proved Estimated 3.4 to 7.5 reserves, based on a variety of recovery factors, includes CCA acquisition that Billion Barrels closed on 3/27/13. Recoverable in Gulf Coast Region(1) 7 CO2 EOR in Gulf Coast Region: Click to edit Master title style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage (4) (4) Tinsley (1) Delhi Summary 46 MMBbls 36 MMBbls Tinsley Proved 201 Jackson Dome Potential 386 Delhi (2) Free State Pipeline Produced-to-Date 71 Davis Quitman (2) Heidelberg (3) Martinville Total MMBbls 658 Sandersville Lake Sonat Summerland Soso Cypress Creek Eucutta St. John MS Pipeline Yellow Creek Brookhaven Cranfield Houston Area(4) Mallalieu (4) Olive Conroe Citronelle Little Creek Hastings 60 - 80 MMBbls Smithdale 130 MMBbls McComb Webster 60 - 75 MMBbls Mature Area(4) Thompson 30 - 60 MMBbls 178 MMBbls Other 10 - 20 MMBbls Heidelberg(4) 160 - 235 MMBbls Green Pipeline 44 MMBbls Lockhart Crossing Conroe Donaldsonville Fig Ridge Webster Oyster Thompson Bayou Hastings Cumulative Production 15 - 50 MMBoe Oyster Bayou(4) 50 – 100 MMBoe 20 - 30 MMBbls > 100 MMBoe Denbury Owned Fields – Current CO2 Floods Denbury Owned Fields – Future CO2 Floods Fields Owned by Others – CO2 EOR Candidates (1) Proved tertiary oil reserves based on year-end 12/31/12 SEC proved reserves. Probable and possible tertiary reserve estimates as of 12/31/12, based on a variety of recovery factors. (2) Produced-to-Date is cumulative tertiary production through 12/31/12. (3) Using mid-points of range. (4) Field reserves shown are estimated total potential tertiary reserves, including cumulative tertiary production through 12/31/12. 8 CO2 EOR in Rocky Mountain Region: Click to edit Master title style Control of CO2 Sources & Pipeline Infrastructure Provides a Strategic Advantage CO2 Sources Cedar Creek Anticline Area (1) (1) Summary Existing or Proposed CO2 Source Existing CCA Fields 200 MMBbls Owned or Contracted CCA Acquisition(3) 60-80 MMBbls Proved --- DGC Beulah Other CO2 Sources 260 - 280 MMBbls Cedar Creek Potential 331 Anticline MONTANA Produced-to-Date --- (4) NORTH DAKOTA Total MMBbls 331 Bell Creek 30 MMBbls Elk Basin Bell Creek First CO2 EOR Production Bell Creek in 3Q13 LaBarge Area(2) Hartzog Draw(4) Greencore Pipeline 20 - 30 MMBbls 416 BCF Nat Gas 232 Miles Planned 12.7 BCF Helium Interconnect SOUTH DAKOTA (2013) 3.5 TCF CO2 Lost Cabin (COP) WYOMING Cumulative Production Riley Ridge 15 - 50 MMBoe (DNR) 50 – 100 MMBoe > 100 MMBoe (4) Denbury Owned Fields – Future CO2 Floods Shute Creek Grieve Field DKRW (XOM) Existing CO2 Fields Owned by Others – CO2 EOR Candidates Pipeline 6 MMBbls Pipelines (1) Probable and possible tertiary reserve estimates as of 12/31/12, using mid-point of ranges, based on a variety of recovery factors. Denbury Pipelines in Process (2) Proved reserves as of 12/31/12 and are presented on a gross working interest or 8/8ths basis, except those reserves Denbury Proposed Pipelines acquired from ExxonMobil in 4Q12 which are reported net to Denbury’s interest. Pipelines Owned by Others (3) Purchased from ConocoPhillips in a transaction that closed on 3/27/13. (4) Field reserves shown are estimated total potential tertiary reserves, including cumulative tertiary production through 12/31/12. 9 9 ClickMore to than edit a Master Billion titleBarrels style of Oil Potential 46 1,214 717 ..... ..... 100% 89% 100% 100% Natural Oil Oil Oil Gas 462 409 451 ..... 77% 82% 80% Oil Oil Oil (3) (1) (3) (2) (1) Based on year-end 12/31/12 SEC proved reserves. (2) Based on year-end 12/31/12 SEC proved reserves plus estimated 42 MMBOE for CCA acquisition that closed on 3/27/13. (3) Estimates based on mid-point of internal estimates, refer to slide 3 for full disclosure of forward-looking statements. Pro-forma CO2 EOR potential includes 70 MMbbls from the CCA acquisition that closed on 3/27/13.
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